05:17 PM EDT, 05/29/2024 (MT Newswires) -- Planet Fitness ( PLNT ) said late on Wednesday that it intends to issue $600 million Series 2024-1 fixed rate senior secured notes, Class A-2, with the potential to upsize up to $800 million.

The company plans to use the net proceeds to fully repay the Series 2018-1 Class A-2-II Notes, which, as of March 31, had a principal balance of about $591 million.

The offering will likely close in June.

The company had about $2 billion of outstanding debt under its existing securitized financing facility as of March 31.

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